Bitcoin Price Reversed Earlier This Year... Security and Anonymity, Its Reasons for Existence, Are Shaken

Announcement on Traceability of Transaction Details
Bitcoin Down 6.9% to 36.36 Million KRW
Altcoins Also in Decline

[Asia Economy Reporter Gong Byung-sun] It has been revealed that the transaction history of Bitcoin, the representative cryptocurrency known for its perfect security, is traceable. As the very reason for the existence of cryptocurrency is shaken, its price has plummeted to the level seen in February.

According to the domestic cryptocurrency exchange Upbit, as of 12:24 AM on the 9th, Bitcoin recorded 36.36 million KRW, down 6.91% compared to the previous day. This is the lowest price since February 3. As of 11:12 AM on the same day, Bitcoin was recorded at 37.5 million KRW.

Altcoins are also on a downward trend. Ethereum recorded 2.8 million KRW, down 3.15% compared to the previous day at the same time. Cryptocurrencies such as Stratis and Strike showed a decline of over 10%. Dogecoin fell 3.99% to 361 KRW.

The fundamental values of cryptocurrency, security and anonymity, have also been shaken, leading to the sharp price drop. According to the US economic media CNBC on the 8th (local time), the Federal Bureau of Investigation (FBI) cracked the password of the cryptocurrency wallet of the hacker who attacked the pipeline operator Colonial Pipeline and recovered 63.7 Bitcoins. This amounts to about 2.5 billion KRW.

Earlier, on the 7th of last month, Colonial Pipeline stopped factory operations due to a ransomware attack by the international hacker group DarkSide and paid a ransom worth 4.4 million USD (about 4.9 billion KRW) in Bitcoin. Afterwards, the FBI cooperated with Colonial Pipeline and secured the private key of one of the hacker’s cryptocurrency wallets. This is the first time Bitcoins have been recovered from hackers who had already received them.

Bitcoin has long been claimed to surpass gold due to its excellent security and anonymity. While gold has faster transaction processing speed, unlike gold which requires physical storage, Bitcoin preserves asset value digitally and protects transaction history between individuals from the state. However, the US economic media Bloomberg explained, "Some analysts point out that the Colonial Pipeline case is evidence that Bitcoin cannot escape government control."

This content was produced with the assistance of AI translation services.